Courtesy of Chris Kimble
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A quiz was posted on 5/2, suggesting to “HARVEST Gold/GLD” at the top of its trend channel. (see INVERTED/UPSIDE DOWN GLD Quiz chart here). The suggestion to harvest happened to be at the highs, due to channel resistance.
GLD has been a pretty good “Trade the Range” ETF for the past few years, inside a large rising channel. GLD has been confined inside of a channel with a 5% spread from high to low, since the suggestion to harvest. This narrow of a channel has had little interest to me, ever since suggesting to “harvest Gold” at the top of the channel.
Now a breakout of this narrow range is taking place and GLD has some overhead room to move higher before hitting channel resistance.
Game Plan…Would be an owner of GLD with a stop should just below channel support around $150.
